Hyperloop Technology Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global hyperloop technology market size is projected to grow from USD 1.2 billion in 2021 to USD 6.6 billion by 2026; it is expected to grow at a CAGR of 40.4% from 2021 to 2026. Emphasis on solar power for energy consumption in hyperloop transportation technology, and less expensive and minimum infrastructural maintenance are some of the drivers for the growth of hyperloop technology market. However, safety and security concerns are hindering the growth of hyperloop technology market.

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Guideway segment for hyperloop technology market to account for largest market share during forecast period

Guideway consists of tubes and switches. The hyperloop route is formed with a partially evacuated cylindrical steel tube. The tube is placed on top of the concrete pylons that are placed at a distance of approximately 30 meters, which varies slightly depending on the location. The diameter of the tube permits optimal air flow around the capsule to enhance performance and reduce energy consumption at the expected travel speed. According to the Alpha document by SpaceX (US), the inner diameter of the hyperloop passenger tube is optimized to be 7 feet 4 inches, and that of the freight carriage tube is 10 feet 10 inches. The designated pressure inside the tube would be around 0.015 psi (100 pascals)-1/6th of the pressure on Mars. The low-pressure environment minimizes the drag force on the capsule vehicle and helps maintain high speed as increased drag force leads to additional power consumption.

Less than 700 kmph to hold major share during initial commercialization year.

The basic idea behind hyperloop is to practically eliminate the air drag on an earth-bound vehicle by moving this vehicle under reduced air pressure (in a quasi-vacuum at around 100 Pa pressure) almost friction free in a tube. In the present scenario, hyperloop with speed less than 700 kmph seems to be more feasible as per the tests conducted by different players in the hyperloop market. However, hyperloop with speed more than 700 kmph is expected to grow at the higher CAGR during the forecast period as it is the future of high-speed transportation.

Manufacturing cost of freight pod to be lower than that of passenderpod to fuel market growth for hyperloop technology market in carriage type

A freight carriage pod is designed to carry merchandise. This type of hyperloop pod will be larger in diameter to accommodate a cargo container that is approximately 40 feet long. There are different variations of the exterior design of the vehicle pods, such as one using magnetic levitation, one using air bearing design, and another using high-speed wheels for speeds under 100 mph. The freight carriage pod is expected to have interior and door panels, large compartments for luggage, systems to move freight out of pods, etc.

Asia Pacific exhibit the highest CAGR during the forecast period

Asia Pacific consists of developing economies such as India, South Korea, and Australia. In the Hyperloop One Global Challenge (HOGC), 6 teams from APAC were qualified as semifinalists-5 teams from India and one from Australia. Certain projects taken up by hyperloop technology companies include the Maharashtra government entering a tie-up with Virgin Hyperloop to explore the possibility of connecting Mumbai with Pune using the hyperloop transportation system. The US-based hyperloop company is expected to conduct a preliminary study in this region. This project would begin with the signing of a memorandum of understanding (MoU) between the Pune Metropolitan Region Development Authority (PMRDA) and Virgin Hyperloop. This would be done for the identification of potential routes to analyze the high-level economic impact and the technical viability of hyperloop transportation solutions within India.

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The key players in the hyperloop technology market include Virgin Hyperloop (US), Hyperloop Transportation Technologies (US), Hardt B.V. (Netherlands), Zerelos (Spain), Nelove (Poland), AECOM (US), The Boring Company (US) and Transpod (Canada).

The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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This release was published on openPR.